Is it possible to nail down a place of my own? I want one but have no real idea!?

I'm 31 and due to mainly financial reasons and me being in and out of work for a fair few years, plans of getting on the property ladder have been on a back burner.





I don't want an appartment or a flat but I do want a house of my own, even it if is a basic one/two bedroomer.





I don't have a girlfriend or somebody who could contribute to additional income, but is it seriously possible to get a mortgage on my own singlehandly??





If I had for example, take-home pay of 1100 a month, could I manage??





Can somebody also explain to me the shared-ownership scheme?





I'm uk based by the way so I welcome views for people who have been in my situation and have managed to work things out and progress





Cheers


NumarkIs it possible to nail down a place of my own? I want one but have no real idea!?
You will need a 10 - 20% downpayment %26amp; your house should be no more than 2 1/2 to 3 times your gross pay.


If you can not meet these requirements, I doubt any bank will loan you the money.Is it possible to nail down a place of my own? I want one but have no real idea!?
It depends on where you live and what house prices are like in your area ..





Typically you might get a Mortgage for a maximum of 4x of your salary before Tax ...


(maybe up to 5x, if you go to a specialist broker and pay extra for 'Guarantees' and you have NO other loans and always pay off your Credit Cards in full every month)





With a take home as low as yours, I doubt your annual salary exceeds 20k so the maximum (5x salary) Mortgage you can ever expect to be offered is about 拢100k .. (to be honest, it's more likley you will be offered 50-60k)





You will also have to put down about 15% of the cost .. i.e. about 15k .. so at best you might be able to afford a place costing 拢115k ... it is possible to find a house in some parts of the country at this price, but not really in London or SE.








Shared Ownership schemes are offered to people in 'essential jobs' or on low income who have good credit - various Councils and Builders (and some specialist lenders) offer theses schemes, often in connection with 'social housing' ... if you qualify you buy part of the house (and live in it all) by the Council / Builder owns the otehr half (and may charge you some 'rent' for living in their half)





Such schemes plainly made sense to lenders when house prices were going up (they got to own half of an increasing asset) but with prices falling you will be lucky to find such as scheme ..





I think you need to set your sights a bit lower than a house .. or flat, or apartment .. perhaps you should look at 'Mobile Homes' ....